HDFC PE fund exits Lodha\\’s World Tower proj for Rs 1,500cr

\ Mumbai, OCt 26 (PTI) City-based realty player Lodha\Group today said private equity player HDFC Property Fund has\exited its stake in the developer\\’s World Towers in south\Mumbai project for Rs 1,500 crore.\ The offshore fund, sponsored by Housing Development\Finance Corporation (HDFC), had invested Rs 500 crore in the\project in 2010, which realised a return of 3x or Rs 1,500\crore after 6 years, Lodha Group said in a statement issued\here.\ The exit was funded through internal accruals and\partly through fresh fund raising, the company said.\ \\"HDFC Property Fund\\’s investment in World Towers has\played an instrumental role in making it truly an iconic\landmark in Mumbai,\\" company\\’s Managing Director Abhishek\Lodha said.\ The World Towers, spread over 17 acres in south Mumbai\comprises of three ultra-luxury highrises.\ Possessions at World Crest have already started and the\Tier 1 of World One is slated for delivery in mid-2017.\ HDFC Property Ventures Managing Director and CEO KG\Krishnamurthy said, \\"This transaction was one of our largest\investments in Mumbai and came at a time when the real estate\sector was facing sluggish sales and low investor confidence.\However, Lodha business performance continues to outperform\market expectations. We look forward to our long-term\engagement.\\"\ In fiscal 2015-16, Lodha Group achieved net sales of\Rs 6,400 crore and delivered 6,800 homes. PTI PSK NRB\JM\SDM\